Political Clouds Cast Gloom Over the Euro‎

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The G20 provided much needed relief to Eurozone members during the weekend by increasing the firepower of the IMF’s rescue fund. However data released earlier today indicating a contraction in manufacturing activity across Eurozone and China, coupled with worrying political developments in Europe, has weighed on the Euro. Across the Atlantic, the Federal Reserve’s monetary policy meeting scheduled for this week is likely to be overshadowed by Bernanke's post-meeting press conference and the initial estimate of the first quarter growth.

In the UK, the focus this week is on the preliminary first quarter GDP numbers slated for Wednesday which should provide direction to Sterling against the majors.

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Political Clouds Cast Gloom Over the Euro‎

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